Desiring fair coverage for all, Talisman Casualty announces its improved surety program for companies looking for a captive insurance model. In particular, the company offers payment and performance bonds that are often used by construction companies or those in the real estate industry.
More details can be found at https://www.talismancasualty.com/surety-program
The updated surety program provides an extra layer of protection for owners who employ third-party contractors for various services needed in their core business. Clients are assured that their contractors will fulfill their contracts and pay their workers and suppliers on time.
This is through its surety bonds, which are a specialized form of captive insurance. The policy involves three parties: the principal, the surety, and the obligee. The surety, which is in this case, Talisman Casualty, guarantees the obligee that the principal will act in accordance with the policy written, and likewise binds the obligee to their own required actions.
This is one of the most trusted ways for two parties to reach a fair legal agreement. In the United States, there are more than 50,000 bonds, with each having its own regulations set at a state level. For example, a Nevada contractor surety bond can range from $1,000 to $500,000 depending on the works needed but is always set for a two-year term.
Talisman Casualty differentiates itself from its competitors with its flexible models that can be easily adjusted to meet the needs of the modern business environment. The firm says that this has become more important during the pandemic, where many companies are operating at limited capacity to practice social distancing.
Construction businesses have been one of the most hard-hit industries due to these policies and need assurance that their contractors will complete their contracts. Talisman Casualty manages these risks with captive insurance.
Surety bonds are underwritten similarly to general credit. New clients must first be evaluated on their financial status before being considered as potential candidates. Once approved, a surety bond is immediately effective and can be renewed as the client sees fit.
Interested parties can find more information by visiting https://www.talismancasualty.com
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